Tag: Okomu Oil Palm Company Plc

Okomu Oil Palm Company Plc have notified shareholders, the Nigerian Exchange Limited (NGX), the investing public and other relevant stakeholders of its imminent Board of Directors meeting scheduled to hold on Friday 29th of October, 2021 at 8:00am prompt.

According to a statement issued by the company today, the meeting will avail board members the opportunity to consider and approve the unaudited financial statement of the company for the third quarter of the year ended 30th of September, 2021 (Q3, 2021) and a possible declaration of an interim dividend.

Confirming this, excerpts of the recent press release issued by the company read thus: ‘’The Okomu Oil Palm Company Plc (the Company) wishes to inform the Nigerian Exchange Limited (the Exchange), its shareholders and the investing public that the Board of Directors of the Company is scheduled to meet on Friday 29^th October, 2021 at 8:00am to consider amongst other things, the 2021 Q3 Unaudited Financial Statement of the Company for the period ended 30 September 2021 and the possible declaration of an interim dividend.’’

Consequently, in line with provisions of Rule 17.18(a) Close Period, Rulebook of the Exchange, 2015 (Issuers’ Rule) as amended, the Company commenced a Closed Period from Friday, 1 October 2021 for trading in its shares by Directors, Employees, Advisers, Consultants and their connected persons and any other person(s) with insider information until 24 hours after the announcement of the 2021 Q3 unaudited financial statement to the market.

To access the disclosure, click HERE.

Okomu Oil Palm Company Plc has announced the deployment of Mr Chukwuebuka Arthur Omerole, Esq., as the new representative of its company secretary (P.C. Obi & Co.)

This is according to a disclosure signed by the Managing Director of the company, Dr G.D. Hefer, dated 15th of June, 2021 and sent to the Nigerian Exchange Limited.

According to the notice, the appointment of Mr Omerole is sequel to the death of the firm’s former representative, Mr Chibuike Onwusoro, earlier communicated to The Exchange.  Confirming the recent development, the notice from the firm read thus: ‘’The Okomu Oil Palm Company Plc (the Company) wishes to notify The Nigeria Exchange Limited (The Exchange), and the investing public that its Company Secretary is the Law Firm of P.C Obi & Co., and that following the demise of the firm’s representative Mr Chibuike Onwusoro, (which The Exchange had earlier been notified), the firm has now deployed a new representative in the person of Mr Chukwuebuka Arthur Omerole, Esq., to render all Company Secretarial services to the Company.’’

Omerole holds a Bachelor degree in Law (LLB) from the prestigious University of Lagos. He joined the Law firm of P.C Obi & Co as a Legal Practitioner in February 2020.

Okomu Oil Palm Company Plc has released its earnings forecasts for the third quarter of 2021 (Q3 2021).

• Turnover is projected to hit N5.46 billion.
• Cost of sales is projected to hit N4.34 billion.
• Cash flow from operating activities is projected at N870.51 million
• Tax is projected at N109 million
• Profit after tax is projected at N1.02 billion.

See link to forecasts.

Okomu Oil Palm Plc released its full-year audited results for the year ended 31st December 2020.

• Revenue for the year was N23.4 billion. (+24% YoY)
• Cost of raw materials and consumable was N5.29 billion. (+22% YoY)
• Administrative expenses totaled N4.05 billion. (+32% YoY)
• Profit on continuing operations after tax was N7.8 billion. (+54% YoY)
• Earnings per share of N8.16 Vs N5.29 YoY.
• Net assets per share was N36.46
• A dividend of N7 was proposed by the Board.

See link to results.